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good morning. On the last day of the working week, there is what we have for you:
Eric Trump raises the outlook for a political dynasty
Private Equity Insurance Nexus
The disadvantages of coffee apps
Test yourself with our weekly news quiz
Eric Trump, the 41-year-old son of the US president, said the “political path” of the family dynasty is “easy.” In a broad interview with the financial era, when the Trump organization’s co-execution discussed his real estate transactions around the world and fought back against critics who say his family is trying to benefit from the presidency. Here are some of the highlights.
Asked if 2024 was the final election to vote with Trump, Trump said: “I don’t know. But if someone in the family decides to run, “The political path will be an easy path. I mean, I think I can do that,” he said. “Other members of our family can do that too,” he added.
Crypto: Trump said he embraced digital currency after his family was shunned by traditional finances. He now describes it as a “very profitable venture” and a “perfect hedge” for their real estate portfolio.
About profiting from the presidency: “If there’s one family that doesn’t benefit from politics, it’s Trump’s family.” Read the interview in full.
And here is what we keep tabs today:
Market: The S&P 500 is gathering this week, approaching a record high of Middle Eastern peace, trade deals and US interest rate cuts.
Central Bank: International Village Bank holds an annual conference in Basel, and the US Federal Reserve publishes the results of the annual bank stress test.
Economic Data: The Ministry of Commerce releases a price index for personal consumption expenditures, a measure of closely monitored inflation, and the Brazilian statistical agency issues the unemployment rate for March and May.
Company: Nike’s stock is expected to surge when the deal is opened following comments with Elliott Hill’s chief executive last night in a call with analysts.
White House: Secretary of State Marco Rubio is hosting the signing of a peace agreement between Rwanda and the Democratic Republic of the Congo after the two countries agreed earlier this month to end decades of conflict.
In which city does Jeff Bezos’ three-day wedding take place? Check out our weekly news quiz.
Five more top stories
1. The US Treasury Department has reversed plans that surprised Wall Street by calling on Congress to abolish foreign revenge tax provisions in Trump’s flagship budget bill. Treasury Secretary Scott Bessent said the measure was no longer necessary as it secured concessions for US companies to the new OECD global minimum tax system. A Senate vote on the bill could potentially come this weekend.
2. The US and China have signed a trade deal, Donald Trump says without providing details. The agreement builds “additional understanding” following discussions between the two countries in Geneva last month. The contract in Geneva included a significant reduction in each other’s tariffs for 90 days while attempting to attack a comprehensive trade agreement. Details of what has been agreed upon.
Other China News: Shares of Beijing-based smartphone maker Xiaomi hit record highs today after saying they received 200,000 pre-orders for their latest electric vehicle in three minutes.
3. One of Elon Musk’s top mid-li quit his job at Tesla amid a plunge in sales and a pivot towards autonomous driving, artificial intelligence and robotics. Omead Afshar, who was promoted to run sales and operations in North America and Europe last year, has left his role, according to two people familiar with the decision. Departing from Afshar is a difficult time for Tesla.
Motor Industry Motor News: Since 1949, British vehicle production collapsed to its lowest level in May.
German Auto Tariffs: EU officials warn Prime Minister Friedrich Merz that they do not expect British-style sculptures in the German automotive industry.
4. Heathrow warns of a more “challenging” market for transatlantic flights caused by US economic uncertainty. The UK’s largest airport said it had “early signs of softness” on business routes. Heathrow’s comments follow warnings from several major airlines this year regarding a slower demand from US travellers.
5. Anna Wintour ended her as her almost four-year resident editor, during which she transformed the magazine into a global fashion powerhouse, making herself one of the most influential figures in the industry. The British-born editor will retain global control of Vogue and maintain a senior role in the parent company, she told staff yesterday.
Big reading
Türkiye’s economy has once tilted to repeat the success of South Korea’s transformation, but it has become a small measure. The country’s economic crisis has eliminated the general support of President Recept Tayyip Erdogan, put his geopolitical aspirations at stake and plans to maintain power.
We’re reading too. . .
The chart of the day
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Scientists say that the atmospheric events associated with the “thermal dome” behind extreme weather in the US and Europe this week have almost tripled since the 1950s. Temperatures passed 40c in parts of the United States as the so-called heat domes settled across the eastern and central states. Meanwhile, parts of New Mexico and Texas were on high alert about flash floods. Read more about the heat dome phenomenon.
Take a break from the news
Have you felt that coffee shop queues are long these days? More and more, the chain is turning to mobile orders via a new wave of apps, allowing people to skip the line of caffeine shots. But is it worth it? Claer Barrett looks into the trade-offs for downloading coffee apps.
